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With the Federal Reserve pursuing aggressive tightening and putting a lot of pressure on the U.S. economy, a recession is coming next year, said Celsius Network CEO Alex Mashinsky.
One of the best strategies going into this environment is not to fight the Fed. And this means getting out of the U.S. stock market, Mashinsky told Kitco News’ Editor-in-Chief Michelle Makori and anchor David Lin on the sidelines of Bitcoin 2022 in Miami.
“I normally say don’t fight the Fed. Fighting the Fed right now is owning stocks, owning equities … I sold all my stocks. If you don’t want to fight the Fed, get out of the way,” he said.
And after closely mirroring the performance of tech stocks, Bitcoin is ready to separate and begin its move towards the $100,000 level — a target that Mashinsky is forecasting for this year.
“From the beginning of the year, the stock market has been down, but Bitcoin has recovered most of its losses. We are seeing separation, meaning Bitcoin is finally starting to behave as a safety asset. That’s why I am selling my stocks and buying more Bitcoin,” he said.
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